<ARTICLE>                                           BD
<LEGEND>
                  LEHMAN BROTHERS HOLDINGS INC. and SUBSIDIARIES

         This schedule contains summary financial information extracted from the
Company's  Consolidated  Statement  of  Financial  Condition  at  May  31,  1997
(Unaudited)  and the  Consolidated  Statement of  Operations  for the six months
ended May 31, 1997  (Unaudited) and is qualified in its entirety by reference to
such financial statements.

1,000,000

</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                              NOV-30-1997
<PERIOD-START>                                 DEC-01-1996
<PERIOD-END>                                   MAY-31-1997
<CASH>                                         3,468
<RECEIVABLES>                                  9,333
<SECURITIES-RESALE>                            40,093
<SECURITIES-BORROWED>                          22,085
<INSTRUMENTS-OWNED>                            68,309
<PP&E>                                         467
<TOTAL-ASSETS>                                 144,789
<SHORT-TERM>                                   11,089
<PAYABLES>                                     9,534
<REPOS-SOLD>                                   57,179
<SECURITIES-LOANED>                           6,904
<INSTRUMENTS-SOLD>                            34,291
<LONG-TERM>                                   17,945
<COMMON>                                       11
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    508
<OTHER-SE>                                     3,619
<TOTAL-LIABILITY-AND-EQUITY>                   144,789
<TRADING-REVENUE>                              672
<INTEREST-DIVIDENDS>                           6,377
<COMMISSIONS>                                  188
<INVESTMENT-BANKING-REVENUES>                  514
<FEE-REVENUE>                                  0
<INTEREST-EXPENSE>                             6,026
<COMPENSATION>                                 902
<INCOME-PRETAX>                                391
<INCOME-PRE-EXTRAORDINARY>                     265
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   265
<EPS-PRIMARY>                                  $2.11
<EPS-DILUTED>                                  $2.10